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FIA working group presents audit trail recommendations to reduce redundancy
FIA’s Law & Compliance Audit Trail Working Group made a presentation to the U.S. Commodity Futures Trading Commission's Technology Advisory Committee (TAC) on Feb. 26. The presentation focused on the following primary audit trail recommendations, with a goal of eliminating redundancies:
CONTINUE READINGFIA urges CFTC to exclude proprietary positions from FCM risk margin calculations
On March 3, FIA filed a response to a CFTC request for additional comment on its proposed capital requirements for swap dealers and major swap participants. FIA focused its response on the potential impact on futures commission merchants, and in particular a provision in the proposal that would require FCMs to include proprietary positions in swaps and security-based swaps in their calculations of the eight-percent risk-margin capital requirement. Current rules already have a provision that requires these firms to take a capital charge for these positions under a different calculation, FIA said, making it unnecessary to require them to take an additional charge based on eight percent of risk margin. In addition, this provision would place an "unacceptable financial burden on FCMs" and could make it more difficult and more expensive for smaller commercial end-users to hedge their risks, FIA said.
CONTINUE READINGFIA receives ASAE 2017 Power of A Honors for Innovators Pavilion
FIA has earned a 2017 ASAE Power of A Silver Award for its Innovators Pavilion, a program that showcases fintech startups providing disruptive and innovative new services to the cleared derivatives industry.
CONTINUE READINGEqual and Instant Access to Government Released Data
FIA PTG Blog: FIA PTG advocates for accurate and simultaneous release of all government released data.
CONTINUE READINGFIA PTG supports SEC stay of CHX LEAD approval
FIA PTG submitted a letter to the SEC today in support of the Commission's decision to stay a staff approval of the CHX Liquidity Enhancing Access Delay (LEAD). The proposal was approved by the Division of Trading and Markets using its delegated authority. The Commissioners decided to review the delegated action and stay the approval.
CONTINUE READINGFIA PTG raises concerns about Nasdaq PHILX Intellicator
FIA PTG sent comments to the SEC today raising concerns with a proposal from NASDAQ PHLX LLC to introduce the Intellicator Analytical Tool.
CONTINUE READINGFIA Webinar: The FIA-ISDA Cleared Derivatives Execution Agreement
This webinar will discuss the recently released FIA-ISDA Cleared Derivatives Execution Agreement--a template that can be used by participants in the cleared swaps markets in negotiating execution-related agreements with counterparties to over-the-counter derivatives that are intended to be cleared. This webinar will give an overview of the document and its intended use, take a closer look at specific provisions and explain the optional annexes.
CONTINUE READINGCFTC’S Massad Discusses Clearinghouse Risk in Keynote Address at Boca
Clearinghouse risk and in particular the financial resources available in the event of a default is a top priority for the Commodity Futures Trading Commission, said the agency’s chairman Timothy Massad in his keynote address to FIA Boca delegates on March 11.
CONTINUE READINGThe Geography of Innovation
Fintech startups are springing up all over the world, but certain locations are emerging as the centers for developing next-gen technologies in capital markets. What are the key ingredients of a successful fintech ecosystem? Daniel Gorfine, the chief innovation officer of the Commodity Futures Trading Commission, gave opening remarks on the next phase of LabCFTC and the agency's transformation into a 21st century regulator. Then a panel of experts from fintech incubators, venture capital investors and public sector entities debated the pros and cons of the leading fintech hubs in Europe and the U.S. and shared their views on the boom in fintech startups.
CONTINUE READINGFIA questions OCC's proposed recovery tools
On Jan. 16, FIA submitted a letter to the Securities and Exchange Commission commenting on a proposal by the Options Clearing Corporation to amend certain provisions of its default management rules. The amendments pertain to tools intended to address liquidity shortfalls and credit losses following a clearing member default. FIA raised questions about several areas of the proposal. In particular FIA questioned OCC's approach to clearing fund replenishment, and said OCC should explain its approach for determining the amount of funding that clearing firms would be required to contribute to help cover default-related losses. FIA also questioned OCC's approach to "partial tear-ups" under which some contracts would be terminated. FIA expressed concerns with certain specific details of the partial tear-up process and opposed a provision that would reallocate losses from a tear-up to all members of the clearinghouse regardless of whether they were involved in the transactions being terminated.
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